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Thu 16 Jun 2005 04:00 AM

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Income law to cut taxes by half: Mubarak

Reforms in customs and taxes are the first step towards more public action, claims Egypt's president.

Egypt’s new income tax law will help cut taxes by 50% and ease the tax burden on citizens, according to Egyptian president, Hosni Mubarak.

Addressing a group of 180 economists last week, Mubarak said the law was signed following modifications to customs tariffs.

He also claimed that reforms in customs and taxes were the first step towards more public action, adding that the new tax law would serve and not hamper economic activities.Furthermore, around US$8.6 billion is expected to be pumped into the capital of Egyptian banks in a bid to bolster their ability to extend loans. Mubarak also noted that some of the country’s smaller banks would be merged into other bigger banks.

The aim of the updated economic policy is to increase the ratio of Egypt’s exports value to Gross Domestic Product (GDP) to around 40% from the current 20%.

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